Number: 
03-110-207
Type: 
Rule
Policy Steward: 
Chief Procurement Officer
Format Updated: 
University Policy & Standards Converted: 
Status: 
Current
Revision Date: 
Thursday, March 10, 2016

This information replaces FIS 102-06 & 206 Surplus Sales

 

102-06 Surplus Sales

Fiscal Operations Manual
Section 100: Revenue (External) - Depositing & Recording 
Effective: 01/01/2003
Revised: 10/25/2010

The Surplus Property Unit within Business Services handles sales of surplus furniture, equipment, and supplies. External revenue comes in the form of proceeds from sales to the general public through public auctions, OSUsed Stores, and contact bids held on campus in the Property Services Building. Revenue also comes from sales to state government agencies, local governments, and qualified non-profit organizations that are registered with the Department of Administrative Services in Salem.

Surplus Property takes a portion of the proceeds for their services, and the remainder of the proceeds is forwarded to the owning departments or agencies with which OSU has inter-governmental agreements. All payments to outside agencies take place at the end of each month during the month-end closing process.

 

206 Surplus Sales

Fiscal Operations Manual
Section 200: Revenue (Internal) 
Effective: 01/01/2003
Revised: 03/10/2016

Surplus Property falls under OSU Finance and Administration within Business Affairs.  This unit handles sales of surplus furniture, equipment, and supplies. Internal income comes from sales to OSU departments where no cash is received.

As a Service Center, Surplus Property takes a percentage of the sales for their services.  The remainder of the proceeds is forwarded to OSU departments.  All sale proceeds disbursements take place at the end of each month during the month-end closing process.  When the sale is an internal sale within OSU, the selling unit receives a service credit (internal sales reimbursement) rather than a distribution of revenue/cash.